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Chicago -- Today, President-elect Barack Obama announced the establishment of the President's Economic Recovery Advisory Board. Modeled on the Foreign Intelligence Advisory Board created by President Dwight D. Eisenhower to provide an independent voice on intelligence issues, the new Economic Recovery Advisory Board will be charged with offering independent, nonpartisan information, analysis, and advice to the President as he formulates and implements his plans for economic recovery. The Economic Recovery Advisory Board will provide regular briefings to the President, Vice President and their economic team. The Board will be established initially for a two-year term, after which the President will make a determination on whether to continue its existence based on its continued necessity.

"At this defining moment for our nation, the old ways of thinking and acting just won't do. They call for us to seek fresh thinking and bold new ideas from the leading minds across America. And they demand that as we chart a course to economic recovery, we ensure that our government -- your government -- is held accountable for delivering results. Today, I'm pleased to announce the formation of a new institution to help our economic team accomplish these goals," said President-elect Barack Obama.

Paul Volcker, the Chairman of the Federal Reserve from 1979-87, will serve as Chair of the Board. Volcker is one of the world's foremost economic policy practitioners with vast experience in managing economic crises. He will bring a deep understanding of financial markets and the global nature of this economic crisis to bear in leading the Board's work. Austan Goolsbee will serve as Staff Director and Chief Economist of the Recovery Advisory Board and act as the primary liaison between the Board and the Administration. The President is also nominating Goolsbee to be one of the three Members of his Council of Economic Advisers.

Members of the Board will be drawn from among distinguished citizens outside the government who are qualified on the basis of achievement, experience, independence, and integrity. The Board will bring a diverse set of perspectives and voices from different parts of the country and different sectors of the economy to bear in the formulation and evaluation of economic policy. Additional members will be announced in the future.

The Board will meet regularly and provide advice directly to the President on the design, implementation, and evaluation of programs to jump-start economic growth, create jobs, raise wages and living standards, address the housing crisis, and stabilize financial markets. The Board will also focus on how the response to the short-run economic crisis is laying the groundwork for the reforms necessary for longer-run prosperity.

The economic appointees announced today:

Paul Volcker, Chair of the President's Economic Recovery Advisory Board Paul Volcker has served under five presidents of both parties in a life committed to public service. He was chairman of the Board of Governors of the U.S. Federal Reserve System from 1979 to 1987. Prior to that, he served as President of the Federal Reserve Bank of New York and the Undersecretary of the Treasury for Monetary Affairs. He is professor emeritus of international economic policy at Princeton University and has served as chairman of the board of trustees of the International Accounting Standards Committee and of the Independent Inquiry Committee for the United Nations Oil-for-Food Program and Chairman of the Board of the Group of Thirty.

Austan Goolsbee, Staff Director and Chief Economist of the President's Economic Recovery Advisory Board & Member of the Council of Economic Advisers Austan Goolsbee is the Robert P. Gwinn Professor of Economics at the University of Chicago Booth School of Business where he has taught since 1995. He is also a Research Associate at the National Bureau of Economic Research and the American Bar Foundation. Goolsbee, a Fulbright Scholar and Sloan Fellow, co-directs the Chicago Booth Initiative on Global Markets and formerly served as lead editor for the Journal of Law and Economics. He has been a key economic adviser to the President-elect since 2004.

It has become increasingly clear in recent months that we are facing an economic crisis of historic proportions. At this defining moment for our nation, the old ways of thinking and acting just won't do. We are called to seek fresh thinking and bold new ideas from the leading minds across America. And as we chart a course to economic recovery, we must ensure that our government -- your government -- is held accountable for delivering results.

Today, I'm pleased to announce the formation of a new institution to help our economic team accomplish these goals: the President's Economic Recovery Advisory Board. This Board is modeled on the President's Foreign Intelligence Advisory Board created by President Eisenhower to provide rigorous analysis and vigorous oversight of our intelligence community by individuals outside of government -- individuals who would be candid and unsparing in their assessment. This new board will perform a similar function for my Administration as we formulate our economic policy.

The Board will be composed of distinguished individuals from diverse backgrounds outside of government -- from business, labor, academia and other areas -- who will bring to bear their wisdom and expertise on the formulation, implementation and evaluation of my Administration's economic recovery plan. The Board will report regularly to me, Vice President-elect Biden and our economic team as we seek to jump-start economic growth, create jobs, raise wages, address our housing crisis and stabilize our financial markets.

The reality is that sometimes policymaking in Washington can become too insular. The walls of the echo chamber can sometimes keep out fresh voices and new ways of thinking -- and those who serve in Washington don't always have a ground-level sense of which programs and policies are working for people, and which aren't. This board will provide that perspective to me and my Administration, with an infusion of ideas from across the country and from all sectors of our economy -- input that will be informed by members' first-hand observations of how our efforts are impacting the daily lives of our families.

I'm pleased to announce that this Board will be chaired by one of the world's foremost economic policy experts, a former Chairman of the Federal Reserve, and one of my most trusted advisors, Paul Volcker.

Paul has been by my side throughout this campaign, providing a deep understanding of financial markets, extensive experience managing economic crises, and keen insight into the global nature of this particular crisis. Paul has served under both Republicans and Democrats and is held in the highest esteem for his sound and independent judgment. He has a long and distinguished record of service to our nation, and I am pleased that he has answered the call to serve once again.

I am also happy to announce that Austan Goolsbee, another one of my key economic advisors, has agreed to serve as Staff Director and Chief Economist of the Economic Recovery Advisory Board and act as the primary liaison between the Board and the Administration. I also plan to nominate Austan to serve as one of the three members of my Council of Economic Advisers.

Austan is one of America's most promising economic minds, known for his path-breaking work on tax policy and industrial organization. He is one of the economic thinkers who has most shaped my own thinking on economic matters, and I look forward to continuing our close collaboration in the White House.

I plan to announce the remaining members of the Economic Recovery Advisory Board in the coming weeks, and I look forward to their contributions to our urgent work to rebuild our economy and restore prosperity across America.